What is Multichain and Cross-chain NFT Marketplace

Saving the most valuable resource in the life of every person has always been an urgent issue. With the digitalization of many areas of our lives, we have achieved the automation of many systems that significantly save our time. Blockchain technology is no exception, and today it offers many convenient solutions in the form of […]

Date published:

18 October 2022

19 votes, average: 4.89 out of 519 votes, average: 4.89 out of 519 votes, average: 4.89 out of 519 votes, average: 4.89 out of 519 votes, average: 4.89 out of 5Rating: 4.89/5 (Based on 19 votes)

Date modified:

31 October 2022

Saving the most valuable resource in the life of every person has always been an urgent issue. With the digitalization of many areas of our lives, we have achieved the automation of many systems that significantly save our time.

Blockchain technology is no exception, and today it offers many convenient solutions in the form of cross chain NFT or multi chain NFT for your digital assets.

Core idea around moving NFT across blockchains and why do we need it

Moving an asset between blockchains, thanks to cross chain NFT, primarily strengthens its liquidity. After all, the presence of several platforms for sale expands the community and strengthens the value of NFT on any cross chain NFT marketplace. At the same time, liquidity is provided by a large number of chains, due to the fact that there will be a constant presence of some part of users in the network. 

In addition, the functionality of cross chains prevents the problem of interference of unauthorized NFT assets and thereby strengthens trust in users. 

Thanks to the multi-chain system, the platform will work smoothly and without problems on any device, and users will be able to quickly and conveniently find the right asset. 

Best cross chain solutions for NFT

As of today, many specialists are working on the development of multi chain NFT marketplaces, as a wide range of people have an awareness of why this is the best solution to strengthen the concept of multi blockchain NFT

  1. Scalability

This advantage gives more value to the irreplaceable token by seeding it on any cross chain NFT marketplace.

  1. Convenience

Users can transact within the same resource without huge gas fees and delays.

  1. Improved multi chain NFT efficiency

Due to the continuous operation of such a marketplace, all problems are solved as they occur and thus efficiency is improved.

  1. Stimulation of more multi blockchain NFT transactions.

Due to the simplicity of transactions, their number increases, and thus the internal tokenization.

A DEEPER DIVE INTO NFTS: NFT SWAPPING AND BRIDGING

NFT SWAPPING

Swapping in multi chain NFT is the purchase of a token at a lower price in order to sell it at a higher price and as a result – to make a profit. 

In addition, NFT swapping is carried out in order to exchange your NFT asset for another NFT asset from another network. 

Over time, NFTs can lose their value and thereby fall in price. But another development is possible, when after a certain period of time, the collection becomes very popular and shoots up in value. 

Due to this, NFT swapping is such a popular phenomenon in which users have the opportunity to exchange a not very valuable NFT asset for a slightly more valuable one.

NFT BRIDGING

Bridging in cross chain NFT is the process of connecting two different networks in order to transfer the value of your token. That is, if your NFT is on the BNB network, and you need to move it to the Ethereum network, then you should use an NFT bridge that will provide such a transaction.

In contrast to the method of multi blockchain NFT swapping, NFT bridging has a number of advantages. Firstly, when cross-bridging, the current value of your NFT asset is preserved and it is also transferred in full. Secondly, you avoid significant price fluctuations when simply moving NFT between networks. Thirdly, the NFT asset becomes available for different markets and thus increases the number of potential buyers (if you plan to sell it).

How do cross chain NFT marketplace work

Cross chain marketplaces were developed in order to increase the volume of NFT holders and in general – to increase their popularity. To date, this development has made a very big contribution to the world of NFT. After all, now it is much easier for traders to trade their assets using marketplaces and smart contracts, without thinking about the complexity of moving a token between radically different blockchains. 

It is also worth noting that the procedure for canceling a transaction is greatly simplified. To do this, just revoke the smart contract and the asset will return to the previous network from which it came.

Octogamex – NFT marketplace that support multiple blockchains

Octogamex – multi blockchain NFT marketplace supports various blockchain networks. With the help of our resource, you can easily carry out transactions to move your NFT, while maintaining its original value and strengthening liquidity.

Also, Octogamex – cross chain NFT marketplace has an NFT bridge, which will help you in the safe conduct of the transaction. OctoGamex NFT Bridge allows you to freely move fungible tokens between blockchain networks. This freedom of movement ensures the liquidity of your NFTs.

The latest technology on which the bridge is built allows any user to create a Shadow NFT contract, while owning at least one NFT from any collection. 

During this transfer, an exact copy of the token is created for the sNFT, which contains the same unique properties and metadata. The sNFT object gives you the ability to trade the token on other networks. Immediately after the completion of any transaction on the cross chain NFT marketplace, the sNFT version of the token is burned and the original NFT remains. 

This happens because each irreplaceable token is a unique object that cannot have exact analogues. 

SUMMARY

OctoGamex NFT marketplace is a multi chain NFT resource that allows you to quickly and cost-effectively carry out a transaction to buy/sell NFT between different blockchain networks. 

Thanks to OctoGamex NFT Bridge, you can buy your desired NFT collections without any restrictions, which will not lose their value as a result of their transfer between different networks.

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